The directors and officers in your company are in a position of responsibility. Managers, directors and supervisors can face allegations and claims for which they may be personally liable. Even in a company with limited liability status, personal liability is unlimited. Directors and officers are under increasing scrutiny, and it is commonplace for allegations of wrongful acts to be made.
What is Directors’ and Officers’ Liability Insurance?
Directors’ and officers’ insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.
Any allegations of wrongdoing need to be investigated and defended, and this can cost a significant amount even if the case does not reach court. This means directors’ and officers’ personal finances are at risk, so its essential companies provide protection through directors and officers liability insurance.
Directors’ and officers’ insurance covers costs associated with the defence of an allegation of a wrongful act. This means it takes away the financial risks faced by directors and officers, giving them protection should an allegation or claim be made against them. Considering that even simple investigations can cost thousands, if not hundreds of thousands, of pounds, purchasing directors and officers makes financial sense.
Typical situations that you are at risk –
- Employees know their employment rights and are increasingly likely to sue
- Legal liability is shifting away from companies and towards personal liability
- Regulators are now more proactive in investigating companies
Get in touch today…
Many businesses have unique requirements therefore it is critical we understand all your options. Davies Craddock Insurance have many years’ experience in this field, with access to a wide range of insurers, we can offer a competitive and flexible range of insurance policies that will be unique to you.
Get in touch today for more information